Comment by lifestyleguru 4 days ago
I wonder who are these people willing to work in London and transfer 60% of their net income directly to landlord. Maybe money doesn't matter because most of the time they spend in work and commuting?
There goes another 15% of your net income on train tickets. Eating out every time (because have no time for proper value shopping) and you are basically working in exchange of food, housing, and commute.
Where are you pulling this random 15% number from? And a ridiculous number too. It's more like 2% to 3% unless you spend your entire day traveling.
I just checked how much I pay for travel. My monthly travel expenses is £150 total. That's like between 2% to 3% of someone's net income (depends on how much net income you make).
Do you know it is impossible to 15% of your net income in travel because there is a weekly fare cap: https://tfl.gov.uk/fares/find-fares/capping
Worst case scenario, you are traveling too much every week to max out the fare cap across all travel zones. Your monthly total would be £244. That's like 3% to 6% of your net income. But this is the worst case scenario. If you are spending 6% of your net income on travel, maybe you should reconsider which zone you live in.
So seriously where are you pulling out this ridiculous 15% number from?
Extrapolated from past earnings, but yeah if rent takes 60% of net salary then monthly train will more in the 5-10% range of net salary.
As long as you live within Greater London and can use TFL, it's more like 5%
In other European "tech hubs" you're not going to find a job or will not be able to rent anything.
The math works out for almost every HCOL area. Your salary is higher. Rent is high too but people either choose to live further away or accept a smaller apartment/condo.
London has a big commuting radius with strong regional transit (as maligned as it is).